Zach Witkoff, co-founder of the Trump-affiliated crypto project World Liberty Financial, had his X account hacked on Wednesday. The hacker used the account to promote a fake memecoin project involving Barron Trump, claiming that the news would soon be confirmed by the Trump family.
World Liberty Financial quickly confirmed the hack, urging users to ignore the fraudulent Barron Trump project. This incident is part of a wider trend of crypto scams, as Ivanka Trump also warned earlier this year about a fake memecoin using her likeness to defraud investors.
World Liberty Financial, a decentralised finance project, launched its own token, WLFI, in October 2024. Despite these security issues, the project continues to operate with the Trump family’s name associated with its team.
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A Chicago family and their nanny were kidnapped for five days in October by armed men demanding a ransom in cryptocurrency. The kidnappers stole $15 million in digital assets, including Bitcoin and Ether, and forced the victims to transfer funds from their crypto accounts before releasing them.
The incident began when one of the suspects pretended to be at the door to fix a damaged garage, only to overpower the family with a gun. The victims were then transported to an Airbnb and later to another location, where they were threatened with death unless they complied with the kidnappers’ demands.
FBI agents were able to track the suspects using surveillance footage and forensic evidence. The investigation led to six arrests, with one suspect, Zehuan Wei, apprehended while trying to re-enter the US in January. The remaining suspects are believed to have fled to China.
This case highlights the growing trend of crypto-related kidnappings, as criminals target individuals with access to digital currencies. Recently, other high-profile kidnappings for cryptocurrency ransom have also made headlines, including the abduction of a Ledger co-founder and a Toronto CEO.
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Gemini has taken a major step towards expanding in Europe after securing in-principle approval from the Malta Financial Services Authority. This pre-approval moves the crypto exchange closer to offering regulated investment services across the European Union.
Once fully authorised, the Investment Firm licence will allow Gemini to provide futures and options under the EU’s MiFID II framework. Mark Jennings, Gemini’s head of Europe, highlighted growing institutional interest in crypto derivatives, calling the milestone a crucial step in delivering a top-tier platform for investors.
With Malta as its EU hub, Gemini is following other major platforms like Crypto.com and Bitpanda, which recently gained MiCA approvals. As the exchange continues its regulatory journey, reports suggest it is also considering an initial public offering.
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Russia is moving closer to using the digital rouble for welfare payments, with the government discussing its introduction despite concerns over adoption hurdles. Reports suggest the Central Bank, the Federal Treasury, and the Ministry of Finance are exploring ways to distribute social benefits using the country’s central bank digital currency.
The Ministry of Finance believes the digital rouble could improve efficiency and prevent fraud by ensuring funds are spent as intended. The Central Bank, however, primarily sees the CBDC as a payment tool and is continuing pilot tests with major banks. Reports indicate that a trial for social benefits could begin as early as August, alongside other budgetary operations.
Officials have also hinted at the possibility of tracking digital rouble transactions to control spending, a move reminiscent of the Soviet-era financial system. While experts acknowledge the potential benefits, they warn that widespread adoption may take time, given infrastructure gaps in rural areas and resistance to cashless payments.
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Toyota Financial Services is set to issue its first blockchain-powered security token bonds next month, marking a significant step in the company’s embrace of blockchain technology. The offering will be a 1 billion yen ($6.6 million) unsecured bond, with Daiwa Securities and Mitsubishi UFJ Bank collaborating on the project.
The token will be launched on the Progmat platform, operated by Mitsubishi UFJ. Toyota aims to strengthen its ties with individual investors by offering special benefits for token holders who also use the Toyota Wallet app. Those investing over 1 million yen will receive bonus credits in the app, adding an extra incentive.
Sales for the token will run from 20 February to 27 February, with the bond maturing on 3 March 2025. This offering is part of a broader push by Japanese companies to explore security tokens, as the government supports blockchain innovation.
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Federal Reserve Chair Jerome Powell has confirmed that the US will not launch a central bank digital currency (CBDC) while he remains in charge. Speaking during a Senate Banking Committee meeting on 11 February, Powell assured lawmakers that under his leadership, the Fed would not issue a digital dollar, a position he has reiterated ahead of his term’s end in May 2026.
This statement came amid broader discussions on monetary policy and debanking, with Powell responding to queries from Senators, including concerns over government pressure on financial institutions to cut ties with crypto firms. The Senate hearing, focused on a semiannual monetary policy report, also touched on the Fed’s approach to crypto and digital currency in the US.
The move aligns with broader political trends, as Republican lawmakers have made preventing a digital dollar a key policy issue. In January, former President Trump issued an executive order opposing the establishment of a US digital currency, although its legal standing remains disputed.
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World Liberty Financial (WLF), a new crypto platform in which President Donald Trump holds a financial stake, announced the launch of a strategic token reserve aimed at supporting Bitcoin, Ethereum, and other leading cryptocurrencies. The reserve is designed to help mitigate market volatility, support decentralised finance projects, and create a robust capital reserve for future investments. WLF also plans to seek partnerships with financial institutions to contribute tokenised assets to its reserve.
This announcement reflects the growing involvement of Trump and his family in the cryptocurrency world. In addition to WLF, the Trump family has a majority stake in Trump Media & Technology Group, a company recently pivoting into crypto-linked financial services. Trump’s ventures also include the $Trump meme coin, which has already generated significant revenue. With token sales reaching $500 million, WLF has made a strong entry into the market just months ahead of the US presidential election.
WLF’s launch is strategically timed to coincide with the increasing interest in bridging the gap between traditional finance and the crypto world. Donald Trump Jr. recently spoke at the Ondo Summit in New York, where he emphasised the importance of a regulatory framework to allow crypto to thrive. He described crypto as the ‘future of finance’ and a key component of maintaining American dominance in global finance. Trump and his affiliates hold a significant stake in WLF, with 60% ownership of the holding company and a large share of its revenues.
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A recent survey has revealed that despite nearly a third of central banks delaying their CBDC rollouts, 75% still plan to issue a central bank digital currency (CBDC). The survey, conducted by the Official Monetary and Financial Institutions Forum and Giesecke+Devrient, shows that 67% of central banks have maintained their stance on CBDCs, while 15% are now less inclined to pursue them compared to zero in 2022.
Privacy concerns and the potential for government surveillance have been major factors in the growing hesitancy. The pushback against CBDCs has intensified following President Donald Trump’s ban on digital dollar development in January and Federal Reserve Chair Jerome Powell’s recent confirmation that a CBDC will not be issued during his tenure.
For those still pursuing CBDCs, the key motivation remains preserving central bank monetary sovereignty. However, adoption remains a challenge, particularly in emerging markets like Jamaica, Nigeria, and China, where CBDCs have struggled to gain traction. The survey found that 55% of emerging market central banks see low user adoption as their biggest concern.
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MicroCloud Hologram, a Nasdaq-listed technology company, has announced plans to invest up to $200 million in Bitcoin and other digital assets. The move is driven by the firm’s bullish outlook on cryptocurrency, as it sees blockchain, artificial intelligence, and quantum computing as key to future innovation. The company aims to diversify its capital reserves while positioning itself for growth in the expanding digital economy.
With cash reserves of around $257 million, MicroCloud Hologram follows the lead of companies like Strategy and Metaplanet, which have heavily invested in Bitcoin. The firm is particularly interested in assets with strong market impact and growth potential, signalling confidence in the long-term value of crypto. The planned investment is also expected to support the company’s broader capital strategy and expansion into blockchain technologies.
Bitcoin’s surge in 2024, reaching an all-time high above $109,000, has sparked increased interest from institutional investors. The growing demand for spot Bitcoin ETFs and favourable regulatory developments have fuelled optimism, reinforcing predictions of further convergence between AI and crypto. MicroCloud Hologram’s latest move highlights the accelerating adoption of digital assets in mainstream finance.
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Swedish payments giant Klarna is considering integrating cryptocurrency into its services, marking a potential shift in its approach to digital assets. CEO Sebastian Siemiatkowski recently hinted at the company’s interest, asking his followers for ideas on how Klarna could embrace crypto. It comes as the firm prepares for a US initial public offering later this year, a move that could expand its influence in global financial markets.
Siemiatkowski acknowledged that Klarna is trailing behind competitors like PayPal and Revolut, both of which have already introduced a variety of crypto services. Industry leaders, including Circle CEO Jamie Allaire and Immutable’s Robbie Ferguson, have pitched ideas, suggesting stablecoin integration and crypto-friendly payment solutions. Klarna, which processes around $100 billion in transactions annually, could leverage its vast user base to bring digital assets into mainstream finance.
The CEO’s newfound enthusiasm for crypto contrasts with his earlier scepticism. In 2022, he dismissed Bitcoin as a “decentralised Ponzi scheme” and criticised high transaction fees. However, recent trends, including the rise of stablecoins and blockchain-based payments, seem to have reshaped his perspective. As Klarna moves towards its IPO, its evolving stance on digital assets could position it as a major player in the fintech-crypto convergence.
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